Revolut's payment systems were hacked in early 2022, stealing over $20 million.

The Financial Times reported the incident, citing unnamed sources. The breach is unknown.

Revolut's U.S. and European systems differed, resulting in its own money being used to refund declined transactions.

Late 2021 revealed the issue. Before it could be closed, organised criminal groups used the loophole by "encouraging individuals to try to make expensive purchases that would go on to be declined." ATMs would withdraw the refunds.

Technical details of the flaw are unknown.

Pursuing cash withdrawals recovered some of the $23 million stolen. The mass fraud scheme cost the neobank and fintech firm $20 million.

The disclosure comes less than a week after Interpol arrested a suspected senior member of OPERA1ER, a French-speaking hacking crew linked to malware, phishing campaigns, and large-scale Business Email Compromise (BEC) scams against financial institutions and mobile banking services.

In 2022, organised criminals exploited this refund issue, which had been flagged occasionally in 2021. These gangs made large purchases they knew would be declined and then used ATMs to withdraw the excess money.

Revolut's US partner bank informed the company that its funds were lower than expected, revealing the mass fraud. Spring 2022 patched the software vulnerability.

Revolut lost $23 million in the cyberattack. However, vigilant tracking of the perpetrators recovered some of the stolen funds. This mass fraud scheme cost Revolut $20 million.

Revolut, a global digital banking platform with an easy-to-use interface, is making waves in fintech. Over 15 million customers use the company for money transfers, cryptocurrency trading, and investment options. This cyber attack damaged the neobank's reputation and highlighted the ongoing challenges digital companies face.

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